FinMin extends I-T exemption under LTC cash voucher scheme to non-central government employees
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Government has decided to extend the income tax exemption available under leave travel concession (LTC) cash voucher scheme to non-central government employees also to boost consumer spending. Non-central government employees will include employees of state governments, public sector enterprises, banks and private sector.
The move will allow non-government employees also to claim tax free cash allowance from their employers if a LTC scheme similar to one in the government sector is included in their working contract.
The goods and services should be purchased only from GST registered vendors through digital mode. Employees should make this payment during October 12, 2020 to March 31, 2021.
The government on October 12 announced giving out cash vouchers to central government employees this year in lieu LTC fare which could be spent only on buying non-food items with GST rate of 12 per cent or above. #casansaar (Source - NewsOnAir)
The move will allow non-government employees also to claim tax free cash allowance from their employers if a LTC scheme similar to one in the government sector is included in their working contract.
The goods and services should be purchased only from GST registered vendors through digital mode. Employees should make this payment during October 12, 2020 to March 31, 2021.
The government on October 12 announced giving out cash vouchers to central government employees this year in lieu LTC fare which could be spent only on buying non-food items with GST rate of 12 per cent or above. #casansaar (Source - NewsOnAir)
Category : Income Tax | Comments : 0 | Hits : 627
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